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Most professionals would agree that navigating career options and salaries can be confusing.
However, for finance roles in Texas, there is a clear leader when it comes to high pay and plentiful job opportunities.
In this post, we'll explore key stats on salaries for accountants, financial analysts, controllers, and CFOs in the Lone Star State. You'll discover which Texas metro areas offer the most lucrative salaries and best job prospects across industries like oil & gas, technology, and healthcare. We'll also forecast future trends to help guide your career search and salary negotiations.
Introduction
The Lone Star State is well known for its robust economy and business-friendly environment, which has fueled strong job growth across many industries, including finance. This article will provide an overview of finance salaries in Texas, highlighting key cities and finance hubs that offer high salaries for financial professionals.
Overview of Finance Industry in Texas
Texas has a large and rapidly growing finance sector, with major employers in banking, investment management, insurance, and other specialties. Key factors driving finance industry growth in Texas include:
- Business-friendly tax policies and reasonable cost of living attracting companies
- Major finance hubs in Dallas, Houston, Austin with concentrations of employers
- Strong job growth projected over the next decade across financial occupations
Salaries for financial analysts, accountants, auditors, and other roles tend to be competitive with national averages but with a lower cost of living.
Key Texas Cities for Finance Jobs
Major metro areas like Dallas-Fort Worth, Houston, Austin, and San Antonio offer the most job opportunities and highest salaries for finance professionals in Texas.
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Dallas - Major finance employers include large banks, investment firms, insurance companies, and corporations. Dallas offers very competitive salaries for financial analysts, controllers, finance managers, and other roles. Average salaries can reach $90,000+ for experienced professionals.
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Houston - Home to many corporate headquarters in the energy industry, offering lucrative controller, FP&A, treasury, and other finance positions. Salaries averaging $85,000+ are common.
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Austin - With tech companies and startups, Austin offers solid salaries for accountants, financial analysts, and other roles supporting business growth. $75,000+ average salaries are realistic for 5+ years of experience.
Salaries for Key Finance Positions
Finance professionals are critical to the success of any business. In Texas, key finance roles like accountants, financial analysts, and controllers command competitive salaries compared to national averages. Understanding pay scales can help businesses attract top talent.
Accountants
Entry-level accountants in Texas earn average starting salaries of $45,000 to $55,000. With 5+ years of experience, accountants can expect to earn $65,000 to $85,000 on average. Senior accountants with 10-15 years of experience make $85,000 to $120,000.
The energy and oil & gas industries tend to pay accountants the highest salaries in Texas, along with large corporations and public accounting firms.
Financial Analysts
In Texas' major metro areas, financial analyst salaries range on average:
- Dallas - $68,000 to $98,000
- Houston - $71,000 to $103,000
- Austin - $67,000 to $93,000
- San Antonio - $62,000 to $88,000
Corporate financial analysts earn the highest wages while government and non-profit salaries tend to land on the lower end of the pay scale.
Controllers & CFOs
Controllers in Texas earn average salaries of $120,000 to $170,000. CFOs make $180,000 to $300,000 on average. Companies in Texas' growth sectors like tech, energy, and real estate tend to pay controllers and CFOs the highest wages.
Over the last 5 years, Texas has seen controller wages increase 4% annually and CFO pay rise 6% year-over-year as corporations have expanded operations. The demand for financial leadership roles continues to accelerate.
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Top Paying Finance Industries in Texas
Texas has a diverse economy with several high-paying industries for finance professionals. Three top industries are oil & gas, technology, and healthcare.
Oil & Gas
The oil and gas industry in Texas provides some of the highest salaries for accountants, financial analysts, and other finance roles. Key points:
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Texas is the top oil and gas producer in the United States, with a major hub in Houston and the Permian Basin. This creates high demand for finance talent.
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Salaries for accounting and finance positions in Texas' oil and gas sector average $108,000 per year, significantly above national averages.
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Common roles like financial reporting managers and revenue accountants make well over $100k in the Texas energy industry.
Technology
Rapid growth in Texas' technology sector, especially in Austin, leads to lucrative salaries for finance professionals at both large tech companies and startups. Details include:
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Austin, TX has the fastest tech sector job growth in the U.S., fueling high pay to attract top financial talent.
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The average base salary for a finance manager at Austin tech firms is $148,000, among the highest nationwide.
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Accountants at Texas startups also earn more with average pay of $95k, often with equity incentives.
Healthcare
With Texas investing heavily in healthcare, accountants and analysts in the industry see rising wages. Specifics:
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Several Texas cities have fast-growing biotech and medical sectors needing financial experts.
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Salaries for hospital financial management roles average $140k in Texas, higher than most states.
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Even entry-level staff accountants in Texas healthcare make nearly $10k above national averages.
Future Outlook for Finance Salaries
The future looks bright for finance professionals in Texas. As the state continues strong economic growth, demand and salaries for accounting, finance, and other money-related roles are projected to rise steadily.
Projected Job Growth
According to the U.S. Bureau of Labor Statistics (BLS), Texas' finance sector is forecast to expand by 8-12% over the next decade. This outpaces the average national growth rate. Within Texas, major metro regions like Dallas-Fort Worth and Houston will likely see the largest increase in finance positions.
As Texas adds over 200,000 new accounting and financial operations jobs by 2030, competition for top talent will heat up. Businesses that offer the most competitive compensation packages will attract the highest caliber candidates.
Impact of Remote Work
The rise of remote work unlocks new flexibility for Texas finance teams to hire talent nationwide. No longer confined to specific geographies, companies can source the best professionals regardless of location.
As remote becomes more prevalent, pay variance across different Texas metros may decline. Location will matter less for salary, with more emphasis on skills, experience and performance. This increased labor supply is a boon for employers seeking cost savings.
Additionally, full remote roles tend to offer 10-15% higher salaries compared to similar in-office jobs to remain competitive. This premium may apply to more Texas finance positions as remote work persists post-pandemic.
Conclusion & Key Takeaways
Texas Offers High Pay for Many Finance Roles
Texas has strong economic growth and robust industries like energy, technology, and real estate, leading to high demand and salaries for many finance roles. Key finance jobs with above-average pay in Texas include:
- Financial analysts, with average salaries of $83,000 in Texas compared to the national median of $63,000
- Accountants and auditors, averaging $79,000 in Texas versus $77,000 nationally
- Financial managers, averaging $148,000 versus $134,000 nationally
Major Texas metro areas like Dallas, Houston, Austin, and San Antonio have particularly strong demand and high pay for finance talent.
Dallas & Houston Lead for Jobs and Pay
The Dallas and Houston metro regions offer plentiful job opportunities and high salaries for finance professionals in Texas currently. Key highlights:
- Over 18,000 open finance jobs in Dallas-Fort Worth and 13,000+ in Houston as of Q1 2023
- Average accountant salaries over $85,000 in both metros
- Financial analyst pay exceeding $90,000 on average in Dallas and $88,000 in Houston
- High demand from fast-growing companies in technology, healthcare, real estate, and other industries
With low costs of living and no state income tax, the strong Texas economy makes these metro regions very attractive for finance careers right now.
